AUSTRIAN PRESIDENT Heinz Fischer will attend an economic forum at the Dan Panorama Hotel in Tel Aviv today. Fischer, who is on a four-day visit to Israel and the Palestinian Authority, is accompanied by a large delegation of close to 80 prominent members of Austria's business community.

NOTWITHSTANDING THE pessimism of organizations and institutions that depend largely on outside donations to continue their operations, there are still people who can - and do - give. The American Society for the Technion has received a substantial donation from Dan Kahn of Detroit for constructing a building for the Technion's school of mechanical engineering. Kahn's donation, one of the largest ever received by the AST, was pledged at the annual meeting of the AST's executive board in Los Angeles at the end of October. Aside from enabling the construction of the Dan and Betty Kahn Building for Mechanical Engineering, it will provide the Technion with far greater opportunities for research and development in mechanical engineering and cooperation with similar institutions around the world, most notably the University of Michigan, with which Kahn has strong connections.

PETAH TIKVA-based ECI Telecom, a global provider of networking-infrastructure solutions, has been named as a recipient of the Frost & Sullivan's 2008 Global Product Differentiation Innovation Award for the World IPTV Access Infrastructure market. Frost & Sullivan awarded ECI for the company's Hi-FOCuS(TM) Multi-Service Access Node (MSAN), as well as its product differentiation and commitment to innovation and future-proof capabilities. ECI's Hi-FOCuS platform is a key element of ECI's 1Net business framework, which provides an optimized path for network transition for carriers worldwide.

WOULD YOU believe that the weather influences your investment judgment? New research from the University of Haifa indicates that investors have a greater tendency to distort estimations of returns on their investments during the autumn season and on cloudy days rather than sunny ones, according to Dr. Doron Kliger and Dr. Ori Levy. They analyzed stock-market data from the United States from 1987-1995 to gauge the influence of subjective causes, such as mood swings, on the ability of investors to correctly estimate their market returns. In the study, the two researchers checked the correspondence between market fluctuations and the Nobel Prize-winning theoretical model of decision-making theory developed by Professors Daniel Kahneman and Amos Tversky. While classic economic models take into consideration "objective" causes only and calculate events linearly with the probability of their occurrence, the theoretical model also recognizes the possible for various adjustments. Kliger and Levy studied the actual behavior of investors as reflected on returns on investment. The researchers showed that the level of distortion changed over time, depending on causes that affected the mood of the investor. Using psychological research that showed the length of the day and weather conditions influence people's moods, the researchers analyzed the influence of the length of the day and level of cloudiness on market yields. The findings show that when daylight hours are decreasing and during autumn, when days are already shorter, significant distortions were measured compared to other seasons of the year. Also, during cloudy days, major distortions were clearly identified compared to sunny or less cloudy days. The implication is that during these periods the assessment of investors proved to deviate from classic economic theory. According to Kliger, economists and stock-market analysts now understand that, in addition to rational considerations, psychological causes need to be considered while applying economic models and decision making.

FURNITURE DESIGNER Arik Ben-Simhon has been selected to represent Super Studio at the Salone Internazionale del Mobile furniture fair in Milan, Italy, next April. Hundreds of furniture designers from around the world compete in Milan's Zona Tortona design district to be among the 12 chosen by Super Studio as its representatives. Ben-Simhon said it was a personal source of pride to be selected to exhibit alongside some of the world's greatest furniture designers, and that he was accepting the honor not only for himself but for Israel.

FOLLOWING a 10-year career in a variety of positions at the Ronit Raphael Science of Beauty Institute, attorney Yfat Raphael has been named deputy CEO of the Institute, which has several branches throughout the country. Raphael has worked for the Institute in Israel and abroad and has acquired expertise in all facets of market strategy in the field of cosmetics and cosmetic surgery.

THE TABA Hilton, originally built as the Avia Sonesta hotel when Taba was still part of Israel and considered to be an extension of Eilat, has a new general manager: Martin Rogers, who is also the GM of the Nelson Resort Village, which was a favorite Israeli hangout when Rafi Nelson ruled the southern desert. Rogers was previously a regional manager for several Hilton hotels in England and Ireland. An accountant by profession, he previously served with the Carlton Group and spent six years before that in the British Army. On receiving his present appointment, Rogers said he was delighted to be able to manage one of the most beautiful hotels in the Sinai. The Taba Hilton is a magnet for Israeli gamblers who don't necessarily want to go to Europe to spend a few hours in a casino. For residents of Eilat, it's like going to the local supermarket.

Business Scene

Yfat Raphael has been named deputy CEO of the Ronit Raphael Science of Beauty Institute.